California State Assembly Plans to Draft Pro-Bitcoin Legislation and Back Bitcoin Initiatives
As President Trump approaches his inauguration on January 20, the cryptocurrency market has become even more excited, with several U.S. states beginning to adopt more crypto-friendly policies. In an important development, California Rep. Phillip Chen, a Republican, is working on legislation to support Bitcoin. The move could give investors a clearer picture of Bitcoin’s future, setting new highs for the asset.
California to focus on multiple Bitcoin initiatives
The office of California Rep. Phillip Chen, a Republican, has partnered with Proof of Workforce, a Santa Monica-based nonprofit focused on educating workers, unions, pensions and local governments about Bitcoin. They will collaborate on various Bitcoin-related projects and help draft bills for the next legislative session.
Led by founder Dom Bei, Proof of Workforce will work with Chen’s policy team to focus on educational efforts and community outreach, while also examining how Bitcoin can contribute to the development and recovery of California’s infrastructure and communities.
Bei said: “Bitcoin’s genesis story is deeply rooted in California. A big part of the genesis story is a network of innovations designed to protect the time, energy and value of everyday working people. Bitcoin is not partisan; It’s unique to California.”
This isn’t the first time Proof of Work has introduced Bitcoin to the California government. Last summer, they partnered with the city of Santa Monica to establish an official Bitcoin office. Santa Monica Mayor Lana Negrete said the office has attracted a lot of attention since it opened. Additionally, the city manager mentioned that other cities have been inquiring about Santa Monica’s Bitcoin plans.
Such efforts help Bitcoin become more popular. As the California government begins to use Bitcoin, and with the support of the U.S. government under President Trump, more state agencies may begin to use Bitcoin in the future.
‘Trump shock’ effect causes Bitcoin price to soar
Donald Trump’s presidency has had a significant impact on financial markets. After his re-election, asset prices, especially cryptocurrency prices, surged. Last year, the total value of digital currencies doubled, with Bitcoin reaching a new high of just over $100,000, driven by Trump’s pro-crypto stance during the campaign.
Trump has talked about establishing a government Bitcoin reserve, similar to the U.S. gold and oil reserves. He nominated cryptocurrency proponents to lead the Securities and Exchange Commission (SEC) and the Treasury Department.
Also read: Donald Trump’s January 20 inauguration sparks Bitcoin reserve debate: Will prices surge?
Trump is preparing to issue an executive order that will prioritize cryptocurrencies in his policies and involve industry experts in his administration.
The order could declare cryptocurrencies a national priority, a move aimed at encouraging government agencies to work with the industry. A crypto advisory committee is also expected to be established to advance policy goals for the industry.
